Test Bank for Principles of Economics 8th Edition Frank

KLE LAW ACADEMY BELAGAVI
g g g


(ConstituentgColleges:gKLEgSociety’sgLawgCollege,gBengaluru,gGurusiddappagKotambrigLawgCollege,g
Hubballi,gS.A.gManvigLawgCollege,gGadag,gKLEgSociety’sgB.V.gBelladgLawgCollege,gBelagavi,gKLEgL
awgCollege,gChikodi,gandgKLEgCollegegofgLaw,gKalamboli,gNavigMumbai)




STUDY MATERIALg


for

ECONOMICS-1:PRINCIPLES OF ECONOMICS g g


PreparedgasgpergthegsyllabusgprescribedgbygKarnatakagStategLawgUniversityg(KSLU),gHubballi




Compiledgby

Ms.gSaralagVaidya,gAsst.gProf.


KLEgSociety’sgLawgCollege,gBengaluru



Thisgstudygmaterialgisgintendedgtogbegusedgasgsupplementarygmaterialgtogthegonlinegclassesgandgr
ecordedgvideoglectures.gItgisgpreparedgforgthegsolegpurposegofgguidinggthegstudentsgingpreparation
gforgtheirgexaminations.gUtmostgcareghasgbeengtakengtogensuregthegaccuracygofgthegcontent.gHow

ever,gitgisgstressedgthatgthisgmaterialgisgnotgmeantgtogbegusedgasgagreplacementgforgtextbooksg orgc
ommentariesgongthegsubject.gThisgisgagcompilationgandgthegauthorsgtakegnogcreditgforgthegoriginal
itygofgthegcontent.gAcknowledgement,gwherevergdue,ghasgbeengprovided.

, KLEgSociety’sgLawgCollege,gBengalurugMin
orgII-gEconomicsg1



PrinciplesgofgEconomics
Objectives-

1. TogfamiliarizegthegstudentsgwithgthegbasicgconceptsgofgeconomicsgsuchgasgDemand,g
Supply,gGoods,gUtilitygetc.
2. Togenablegthegstudentsgtogunderstandgbasicgtheories,gPrinciplesgandglawsgrelatinggtog
Consumption,gProductiongandgDistribution.

UNIT-I:gIntroductiongtogEconomic

1) Definitiong ofg Economicsg -
g Wealthg definition,g Welfare,g Scarcityg andg Growthg Orientedgdefinition


2) Basicg conceptsg –g Consumptiong –
Good,g Want,g utility,g Demand,g Assumptions,g EconomicgLaws,gMicrogandgMacrogEconomics

3) Production-
Supply,g Land,g Labour,g Capital,g Organization,g Firm,g Industry,g Rent,g Wages,gInterest,gProfi
t

4) EconomicgSystems-Capitalism,gSocialism,gMixedgEconomy.

5) Costg–gTotalgCost,gFixedgcost,gVariablegcost,gAveragegCost,gMixedgCost,gOpportunitygCost.

6) Revenue-gTotalgRevenue,gAverage,gRevenue,gMarginalgRevenue.


UNIT-II:gTheoriesgofgConsumption

i. Utilityg–gForms,gTotalgUtility,gMarginalgUtility,gLawgofgDiminishingg MarginalgUtility
ii. LawgofgEqui-gMarginalgUtility
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, iii. ConsumergSurplus
iv. PropertiesgofgIndifferencegCurves
v. ConsumergEquilibriumgundergIndifferencegCurvegAnalysis.
vi. LawgofgDemand

UNIT-III:gProduction

1. ProductiongFunction
2. LawgofgVariablegProportions
3. EconomiesgofgScale
4. PropertiesgofgLand,gLabour,gCapitalgandgOrganisation

UNIT-IV:gMarkets

i) FeaturesgofgPerfectgCompetition,gMonopoly,gMonopolisticgCompetition,gOligopoly.
ii) PricegDiscrimination-gMeaninggandgTypes.
iii) PricinggingPractice-gSkimminggandgPenetrationgPricing,gProductgLifegcyclegpricing

UNIT-V:gTheoriesgofgDistribution

i) MarginalgProductivitygTheorygofgDistribution
ii) Rent:gRicardiangTheorygofgRent,gQuasi-grent
iii) Wage:gRealgandgMoneygwage,gMinimumgwage,gWagegdifferentials.
iv) Interest:gLoanablegFundsgTheorygofgInterest.
v) Profit;gInnovationgTheorygofgProfit

Referencesg

1. KoutsoyiannisgAg(1979)gModerngMicrogEconomics,gMacmillangPress,gLondon.

2. Samuelson,gPaul,gEconomicsgTatagMacgrowgHillgPublisheringgCompanyglimited,gNe
wgDehli,g2007.

3. Seth,gMgL.,gPrinciplesgofgEconomics,gLakshmigNariangAgarwalgEducationalgPublishe
r,gagaragThirtygFifithgEdition,g2001.




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, 4. Ahuja,gHgLgAdvancedgEconomicgTheory;gMicrogEconomicsganalysis,gSgChandgan
dgCompanygLimited,gNewgDelhi,g2007.

5. Chopra,PgNgPrinciplesgofgEconomics,gKalyanigPublishers,Ludhiana,2006.

6. StoniergandgHaguegAgTextgbookgofgEconomicgTheory

7. SamulesongandgNogardusgAgTextgbookgofgEconomics

8. JhongAgTextgBookgofgEconomics

9. KgKgDewwett,gKgPgMgSundaram,gModerngEconomics.




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